Published on juli 30, 2024, 12:27 am
Image source: Fox News
```json [ "TLDR: Solana's liquid staking tokens are driving the network's on-chain activity past $5.5 billion, with SOL coin seeing a 30% monthly gain. Projects like Jito and Marinade have spiked TVL by 40% and 30%. Liquid staking offers staking benefits and liquidity, leading to a significant increase in staked LSTs. Despite a recent correction, SOL remains bullish towards retesting its yearly high at $210." ] ```
Solana’s liquid staking tokens are making waves in the crypto world, driving the network’s on-chain activity past $5.5 billion. This surge marks a significant milestone for the cryptocurrency ecosystem.
The price of Solana’s SOL (SOL) coin is on track to close out July with an impressive 30% monthly gain, setting its sights on challenging the yearly high of approximately $210 in the coming weeks. While many attribute SOL’s success to meme coin frenzy, the network’s robust liquid staking ecosystem is becoming a pivotal focus within the community.
Recent reports have highlighted Solana’s total value locked (TVL) skyrocketing by 10%, reaching an impressive $5.42 billion. As a result, transaction volume has surged, and on-chain activities have seen a notable uptick in engagement.
Leading the charge in this arena are liquid staking projects like Jito and Marinade, which have witnessed TVL spikes of 40% and 30%, respectively, over the past month. Liquid staking presents a unique combination of staking benefits and liquidity, allowing token holders to stake their assets in smart contracts or staking pools and receive tokens representing their staked SOL holdings – known as liquid staking tokens (LST).
Data from Dune Analytics underscores that the amount of SOL locked in liquid staking derivatives more than doubled in 2024. Staked LSTs experienced a staggering 393% increase between June 1 and July 26, jumping from 163,827 to 807,712.
Moreover, analytics from Token Terminal reveal a significant surge in Solana’s daily and weekly active users by 21% and 59%, respectively. This uptick aligns with the rise in TVL observed for Jito and Marinade protocols, highlighting a broader trend beyond meme coins drawing users to Solana.
Despite witnessing a recent correction below $190, SOL remains bullish with strong momentum towards retesting its yearly peak at $210. Notably, there is optimism for a potential retest given current market conditions.
Looking ahead, if Solana maintains its bullish trajectory and sustains support around $180, it could revisit key resistance levels between $200–$210. However, failure to hold above $180 might see SOL testing previous lows at $165.
In line with these developments, options trader Trader Wick notes that SOL/USD continues to lead the crypto market rally with optimism prevailing among investors looking at Solana’s future potential.
It’s important to note that this article does not provide investment advice or recommendations. Investors should exercise caution and due diligence when navigating cryptocurrency investments as they inherently involve risks that require individual research before making informed decisions.
Original article posted by Fox News
